[Cycles]Is there any way to bake float values
There is currently no support for sending data from an OSL node to a file, values can only be passed into a nodetree used by cycles, which does mean that your OSL script can replace the image node you would use for a bumpmap.

By setting a float output value you pass your calculated height directly into the node setup to be used to alter the displacement or bump of the material.

shader myosl(output float Height = 0.0 )
{
    Height = sin(P[1] + 0.25);
}




While you probably don't want to use both displacement and normal adjustment, you may realize that you don't have to use a closure output in your script. You can calculate any value you want and integrate it in your nodes where you need it.